Kenmare Resources open to €265m takeover proposal from Australian suitor

Kenmare Resources has expressed its openness to a revised takeover proposal from Australian mineral exploration company Iluka Resources.

The Perth-based company resurrected negotiations with Kenmare late last year. Yesterday, Dublin-based Kenmare — which operates the Moma titanium mine in Mozambique — said that it had recieved a revised and non-binding proposal from Iluka and said it would be open to further discussions. The terms of the proposal would value a deal at around €265m.

While the proposal does not currently represent an offer nor a bid and Kenmare’s openness does not mean a recommendation to shareholders, the Dublin company did say that — in the interest of shareholders — it will continue to work with Iluka towards satisfaction of the pre-conditions to the proposal.